Setting the course towards new opportunities
When forecasting future patterns, you have to be ready to move. Our response based on our mapping of the new reality is expanding our business into a new market. Launching the «RE:initiative», we will contribute with valuable data and competence to the ambition of reducing CO2 emissions from oil and gas by 50% by 2030.
THE WHAT: Redirecting expertise
The «RE:initiative» to reduce emissions from NCS is created in close collaboration with our existing partners. A central part of the initiative is the ExploCrowd Norway Offshore Subsurface Database, with calibrated and interpreted seismic data and well data. Our ambition is to have a complete database of CO2 storage capacity in the North Sea prepared for next summer. The identified storage capacity mapped in high detail will be ranked by relevance, attractiveness, confidence, associated risk, distance to producing oil and gas fields with high carbon intensity, electrical cables to shore and other relevant information.
GET IN TOUCH: We have received funding from Innovation Norway to establish a consortium, but we are also open for project-specific exclusive agreements.
Read about the “RE:initiative” or contact us if you are interested to learn more.
THE HOW: From vision into action
The expectations to and ambitions of the energy industry for its contribution to the energy transition have been widely communicated. The ExploCrowd RE:initiative is our way of putting the vision into action.
Though aiming high, we use our already existing subsurface expertise and database combined with the latest technology software that enables us to move fast and deliver quality. Using current data in new ways has been done successfully in ExploCrowd many times before. This gives us the confidence and speed to deliver a relevant foundation for accelerating CCS technology solutions.
Our initiative will contribute to the acceleration of other technologies by providing real input data for other disciplines, such as drilling and CO2 injection technologies.
THE WHYS:
Reestablishing credibility
The energy business has experienced several hits in the recent past, making it more important than ever to recreate business credibility. Proving will, power and competence to develop resources in a responsible way is the way to go – restoring both internal pride and external belief. And action is urgent, because if those targets shall be met within the given timeframe, we have to move fast. And this is our contribution for the industry to move faster in order to reach the defined targets.
Ripples in the energy pond
Internationally speaking, Norway is doing well. Even so, it is important to stay ahead of the game and establish Norway as an attractive provider of energy with relatively low carbon intensity.
Norway is currently responsible for less than one per cent of the global emissions to air. But we can do better, and more importantly: We can meet the global market with a larger impact. (There is an ambition to have close to 0 emissions from the Norwegian industry by 2050!).
This is also an increased focus on ESG from investors and financial institutions; energy-producing companies are expected to demonstrate that they take action to reduce emissions associated with their activities.
The graph to the left is after the publication Global carbon intensity of crude oil production in Science by Masnadi et al. (2018): Vol. 361, Issue 6405, pp. 851-853.
A subsurface enabler
Oil and gas production will be needed in future decades (with hydrocarbons expected to deliver 50-60% of the world's energy supply in 2050). Still, we need to speed up technology development to make production more responsible. We believe strongly in subsurface expertise as an enabler for making technology development less conceptional – and thereby more specific. We humbly believe our initiative is a solid step in the right direction, and that a consortium can increase both speed and endurance. Together we can reinvent – and stay relevant.
